Nobody wants to have something of theirs taken from them without their consent, whether it be their car, their identity, or in our cases, their commercial property. You might assume that it’s incredibly difficult to take someone’s land - after all, it’s not like they can run away and hide with your property in tow. However, title theft is a real problem that affects thousands of people every year. Here are some tips for protecting yourself against title theft.
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Purchase Commercial Title Insurance - An owner’s commercial title insurance policy protects your financial interests in the event that someone makes a valid or invalid attempt to secure your property. Moreover, it won’t be your headache to sort out. Once a claim is made, your title insurance company will handle the rest.
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Carefully Read All Correspondence - Don’t just throw out mail or delete e-mails that you think aren’t important if they pertain to your commercial property. Read all correspondence carefully, because they may be informing you of changes or suspicious actions on your property. Be wary of clicking on suspicious links, but don’t just assume that this information is unimportant and without legal standing. If you get an e-mail notifying you of an address change request or a collection’s notice letter, don’t just assume that these were sent by mistake because you didn’t initiate them. Follow up and investigate any suspicious correspondence.
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Monitor Your Title and Credit Score - Depending on your location, you may be able to set up fraud alerts with your County Clerk’s office or your local county’s register of deeds. You’ll be notified when any action is taken on specific property titles. You should also regularly check your credit score and investigate if your score has unexpectedly taken a hit, as this could be a sign of identity or title theft.
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Keep Detailed Records - In the event of confusion or an attempt to claim your commercial title, it will be invaluable to have detailed and accurate records. Keep physical and digital copies of anything pertaining to your commercial real estate so that you can quickly pull up proof if it’s ever needed.